1906-Annual Report - Laserfiche WebLink

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25 The Selectmen have also received $2,500.00 from the George O. Smith estate, the income of which is to be paid to the Field and Garden Club. This last sum has been very wisely placed by the Selectmen in the Savings Bank. We believe it was a mistake in the beginning to allow trust funds to merge in town receipts and ex_ penses. Under an easy-going method different rates of interest have been fixed, and the trust funds dropped into the treasury to he spent for expenses that should have been covered by annual assess- ments or provided for by a debt with definite terms of payment. The total amount of interest the town pays on these funds is $1,455.00. On the same amount of the town notes the town would pay $908.04, making a difference of $549.00 saving in interest. If the town wishes to contribute to any of the beneficiaries of the trust funds, the Cary Library, for instance, it should make an annual appropriation for that purpose, and then would know clearly what it contributes. It is not a question of the solvency of the town or of saving interest, but of treating trust funds according to the strictest standards of business morality. No citizen, a trustee of private funds, should say, "I was as solvent as the town when I mixed trust funds with my business," without the retort, "The town of Lexington is not in debt to its trust funds. They are entirely apart from the public business." We recommend that a committee be appointed by the town to take charge of all the town's trust funds, and that the town issue a series of notes, with the proceeds of which all trust funds shall be paid into the hands of this committee. Whether this committee is appointed or not, we recommend that hereafter all sums received in trust for cemetery lots be invested in the Lexington Savings Bank in separate accounts and the income of each fund be expended on the lot specified, and that the town allow only the same rate of interest it can collect from the Savings Bank. BRADLEY C. WHITCHER, EDWARD P. NICHOLS, EDWARD P. BLISS, ROBERT P. CLAPP. 26 On motion of Robert P. Clapp it was voted to refer the report to the Finance Committee. ART. 5. Under this article the following officers were chosen : FENCE VIEWERS. J. Chester Hutchinson, Arthur F. Tucker, Lester T. Redman. FIELD DRIVERS. Charles E. Wheeler, William F. Fletcher, Lewis C. Sturtevant. SURVEYORS OF LUMBER. George W. Spaulding, Abbott S. Mitchell. - ART. 8. On motion of George D. Harrington it was Voted, That the names of Austin W. Locke, Joseph P. Ryan, Frederick G. Jones and Joseph H. Johnson be stricken from the list at their own request, and that the balance of the list of jurors as submitted by the Selectmen be accepted by the town. ART. 15. On motion of George D. Harrington it was Voted, That for the purpose of procuring temporary loans to and for the use of the town of Lexington in anticipation of taxes of the present municipal year, the Town Treasurer is hereby authorized to borrow from time to time, with the approval of the Board of Select- men, and to execute and deliver the note or notes of the town therefor, payable within one year from the time the loan is made. All debts incurredunder this vote shall be paid from the taxes of the present municipal year.